Back to Blog

Empowering Women in Chiropractic - Will Your Virtual Presence Kill Your Practice Sale?

about lcw chirosecure practice growth Nov 03, 2023

Click here to download the transcript.

Disclaimer: The following is an actual transcript. We do our best to make sure the transcript is as accurate as possible, however, it may contain spelling or grammatical errors.  We suggest you watch the video while reading the transcript.

Hey everybody and welcome. I want to thank ChiroSecure for having me here today to spend a little time with you. I am Dr. Randi Ross. I'm the CEO of Premier Practice Consultants, and today we're gonna talk about something that maybe you don't always think about, but really becomes important when you reach the point.

Of wanting to sell your practice and any time I spend some time with you and I share some important information, it literally is something that has come up recently that has impacted the sale of a practice. So today we're gonna talk about does your virtual presence. Can it impact the sale of your practice when you are ready to move forward?

So some of this is gonna seem yeah, yellow, no brainer. But I really want you to focus on a few elements we're gonna talk about. One. First is your website. Is your website current and up to date, and there's two parts of that. There's the technology portion of, is your website up to date, or do you have something that's so outdated that it's not supported by anything?

Click here for the best Chiropractic Malpractice Insurance?

Not a very good sign. Do you know, do you not have current content on your website? Not a good sign. And even just aesthetically, we all know the layouts and the visual presence of websites change probably. I know we change our website every three years to, different formats that are more current, more functional, allow us to do more things.

And buyers are looking at this. They're looking at what does your website look like? I. Does it look outdated? Has there not been anything added or posted in there? Since 2017, they wanna see current information. Are there things that are attractive to a patient as they're looking at your website?

'cause they're gonna look at your website before they come in to see you. So it's really important. Keep your website current. Don't look at it as an expense. It's part of doing business. And the, one of the maybe real important things you have to remember, maybe I should have prefaced it all with this, if you're my age, maybe most of you out there that are dated like me.

Get a Quick Quote and See What You Can Save

Maybe it would have a little bit less value, but people that are gonna be looking at your practice, they were raised in the digital technology age, so things have a lot more weight and a lot more value to them in this virtual presence than maybe if you are, 50 or 60 years old. We use it, but we didn't grow up with it.

This is all they know and it is embedded in their brain. What this needs to look like and when they're looking for a business, this is an integral part of how they value things. The other component that is super important is Google reviews. Now, that's what's important now, 10 years from now, I'm guessing it'll be something else, but we're talking about currently.

If you, if someone's looking at you virtually and they're looking at evaluating your practice for a potential purchase, and they go online and they see, 423 reviews, I. That's fantastic. That means that you're engaging your patients, that you're conscious of what your virtual presence looks like, and that is a major plus to a potential buyer.

What becomes a big negative is when they look at your Google presence. And you have 11 reviews and you've been in practice for 30 years. Even if you've been in practice for five years, 11 reviews is gonna make them stop and think, is there a part of this practice that is not focusing on business growth or is not concerned about what their virtual presence looks like?

And think about it, all of us today, one of the things we do. Before we go patronize a business or a restaurant or anything, first thing you do is go look at the Google reviews. And even for potential patients, if eight people come up in an organic search and two or three of them have a whole bunch of Google reviews, and you are down there with three Google reviews.

They're not even gonna click on you most likely. So this has become very important and very valuable to potential buyers. The other thing is what we can refer to as your social media presence as part of this virtual world. I. I believe that if you're not gonna do social media, don't have an account.

There might be tons of people that disagree with me for SEO purposes, but from what I do, which is represent practices for sale. If someone has a Facebook page and they haven't posted in there since 2018, that looks really bad. And if you have other social media, . Components but are just like the page and there's nothing there.

An Instagram page a, a YouTube channel, but there's nothing there. That, again, is a huge turnoff to a potential buyer. 'cause they feel like, here's what you need to understand about this. And this literally happened about six weeks ago. We had a practice that was listed for $400,000.

Beautiful practice, great financials, been there a long time, great lease, E, everything anybody could look for. And what happened was they virtually met this criteria, older website, haven't posted in years on Facebook. Very few Google reviews. And again, the business as a whole, if you walked in there and didn't look at this, was fantastic.

But we got an offer of $150,000 less. Because these buyers felt that what they're gonna have to invest and the time it's gonna take for them to build a virtual presence that's gonna be important to them, wasn't important to the doctor that's selling. 'cause they've been just doing status quo for the last decade.

But to a new buyer, they know they have to do something different. And in addition to. And we actually got an offer that much less, and that really was a light bulb moment for me to be able to share that with you. And you can start these things. If your website isn't good, get a new website. It's not that difficult today.

There's either templates or there's a bazillion web designers . That can help you get a website. You don't need anything super complicated. If you have a simple practice, social media. If you don't wanna do it, pay someone else to do it. It's the cost of doing business today. Again, you can do as little as much as you want.

Obviously more is better. That's going to impact your virtual presence. It will most likely even drive business to your practice, but you have to have . Something going on. Google reviews, you have to ask for them. And not everybody is gonna provide that. And that's okay. If you get only, get 10 new patients a month, try and get four or five new Google reviews, guess what? At the end of the year, you got 60. 60 is better than three. So all of these things can be corrected. If after you watch this, you take a look at your virtual presence and it really needs some help and it really needs some work, now is the time to fix it. Don't wait till you're listing your practice and then it's much more difficult and much more pressure.

And also then it looks like you've only done it to try and catch up to the curve for a sale. So important things to think about and look at. If you have a fantastic virtual presence, kudos to you. Keep that going. Don't get lazy about that. And, make sure you look at these things. They're definitely a great value when it comes to selling your practice.

And remember, just 'cause you might not be thinking, oh, I'm gonna sell my practice, sometimes that exit strategy comes your way. That's not by your choice. So we always say, always be market ready. Your practice should always be ready for sale in case something happens. And your exit strategy is not always by your choice.

I wanna thank ChiroSecure for having me today. Please visit their website for all of your needs. I am Dr. Randi Ross. If you want to know more about what we do, you can visit us at Happy to talk to anyone. If you have a question, please feel free to call me. I am always here to help.

Have a fantastic day. Thank you for having me. See you next time. . .

Click here for the best Chiropractic Malpractice Insurance?

Get a Quick Quote and See What You Can Save

Don't miss a beat!

New moves, motivation, and classes delivered to your inbox. 

We hate SPAM. We will never sell your information, for any reason.